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仁恒置地集团仁恒置地集团仁恒置地集团仁恒置地集团YANLORD LAND GROUP LIMITED

4Q and FY 2010 Results Presentation

Presentation Content Presentation Content

I. Key Financial Highlights

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III. Outlook

II. Business and Operation Overview

� Despite the market uncertainties arising from the recent regulatory policies targeted at

stabilising property prices, the Group remains confident about the long term outlook of the PRC

real estate sector which continues to be driven by a strong domestic economy that grew 10.3%.

Total investment in residential developments rose 32.9% to RMB3.4 trillion in 2010

� Demand for Yanlord’s quality products continues to be resilient despite weaker buying

sentiments arising from austerity measures introduced by the PRC central and local

government. Recent launch in Shanghai Yanlord Townhouse in October 2010 witnessed strong

opening weekend sales of 80%

Yanlord FY 2010 Business OverviewYanlord FY 2010 Business Overview

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� As of 31 December 2010, the Group had total pre-contracted sales of RMB7.38 billion yet to be

recognised. To be recognised in subsequent quarters, this amount provides greater

transparency and certainty of our FY 2011 performance

� Capitalising on its robust financial position, the Group continues to actively seek out

opportunities to further augment its land bank and development strategies

� In December 2010 and January 2011, the Group successfully acquired prime residential land

parcels in Shenzhen Longgang District and Tianjin Jinnan District with GFAs of 179,944 sqm

and 364,787 sqm for considerations of RMB945.0 million and RMB1.16 billion respectively

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Key Financial Highlights

--Yanlord TownhouseYanlord Townhouse

(Shanghai)(Shanghai)

� Demand for Yanlord’s quality products continues to be strong despite current cooling measures,

ASP recognised in FY 2010 was RMB 22,546 which was 14.7% higher than ASP in FY 2009 of

RMB 19,658

� In line with the Group’s delivery schedule, GFA delivered in FY 2010 was 325,509 sqm, from

381,597 sqm in FY 2009. Revenue in FY 2010 was marginally lower at RMB7,383.8 million

from RMB7,450.5 million in FY 2009

� Driven mainly by continued support from buyers and a fair value gain on investment properties,

profit attributable to equity holders in FY 2010 rose 30.2% to RMB1,948.0 million from

YanlordYanlord FY 2010 Business ReviewFY 2010 Business Review

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profit attributable to equity holders in FY 2010 rose 30.2% to RMB1,948.0 million from

RMB1,496.3 million in FY 2009

� Reflecting the growth in net profit attributable to equity holders, FY 2010 net attributable profit

margin grew 6.3 percentage point to 26.4%. Gross profit margins remained fairly stable at

54.6% in FY 2010 from 55.8% in FY 2009

� The Group continues to maintain a robust financial position with cash and bank balances of

RMB5.81 billion and has a net debt to total equity ratio of 33.8% as at 31 December 2010

� Proposed dividend of RMB5.99 cents (1.22 Singapore cents) per share to shareholders

representing a payout of 6% of FY 2010 earnings

Income Statement Income Statement –– 4Q4Q 2010 VS 4Q2010 VS 4Q 20092009

4Q 2010 4Q 2009 % Change

GFA delivered (sqm) 33,088 75,575 (56.2)

ASP (RMB/sqm) 25,881 13,825 87.2

Revenue (RMB mil) 956.6 1,083.5 (11.7)

Cost of sales (RMB mil) (350.8) (649.0) (45.9)

Gross profit (RMB mil) 605.8 434.5 39.4

Gross profit margin (%) 63.3 40.1 23.2 ppt

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Profit before income tax (RMB mil) 1,418.2 872.8 62.5

Income tax (RMB mil) (526.4) (276.7) 90.3

Profit for the period (RMB mil) 891.8 596.1 49.6

Net profit margin (%) 93.2 55.0 38.2 ppt

Profit attributable to equity holders of the

Company (RMB mil)825.4 545.3 51.4

Net attributable profit margin (%) 86.3 50.3 36.0 ppt

Basic earnings per share* (RMB cents) 39.29 25.38 54.8

*Based on adjusted weighted average number of shares on a fully diluted basis

Income Statement Income Statement –– FYFY 2010 VS FY2010 VS FY 20092009

FY 2010 FY 2009 % Change

GFA delivered (sqm) 325,509 381,597 (14.7)

ASP (RMB/sqm) 22,546 19,658 14.7

Revenue (RMB mil) 7,383.8 7,450.5 (0.9)

Cost of sales (RMB mil) (3,354.7) (3,290.1) 2.0

Gross profit (RMB mil) 4,029.1 4,160.4 (3.2)

Gross profit margin (%) 54.6 55.8 (1.2) ppt

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Profit before income tax (RMB mil) 4,514.2 4,309.4 4.8

Income tax (RMB mil) (2,170.3) (2,298.4) (5.6)

Profit for the period (RMB mil) 2,343.9 2,010.9 16.6

Net profit margin (%) 31.7 27.0 4.7 ppt

Profit attributable to equity holders of the

Company (RMB mil)1,948.0 1,496.3 30.2

Net attributable profit margin (%) 26.4 20.1 6.3 ppt

Basic earnings per share* (RMB cents) 92.38 74.44 24.1

*Based on adjusted weighted average number of shares on a fully diluted basis

Financials Financials –– Snapshot as of 31 December 2010Snapshot as of 31 December 2010

As of 31 Dec 10 As of 31 Dec 09 % Change

Current assets (RMB mil) 22,485.1 19,284.4 16.6

Non-current assets (RMB mil) 22,328.2 13,117.3 70.2

Total assets (RMB mil) 44,813.3 32,401.7 38.3

Current liabilities (RMB mil) 13,856.3 10,576.1 31.0

Non-current liabilities (RMB mil) 11,126.6 6,421.5 73.3

Total equity (Incl. MI) (RMB mil) 19,830.4 15,404.1 28.7

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Total equity (Incl. MI) (RMB mil) 19,830.4 15,404.1 28.7

Cash and bank balances (RMB mil) 5,814.5 6,552.7 (11.3)

Short-term debt (RMB mil) 2,191.5 1,343.1 63.2

Convertible notes * (RMB mil) 1,760.4 3,175.7 (44.6)

Senior Notes (RMB mil) 1,939.5 0 N/A

Long-term bank Loan (RMB mil) 6,617.2 2,448.5 170.3

Net debt (RMB mil) 6,694.1 610.6 996.3

* Excluded the put option of bondholders of convertible notes due 2014 amounting to RMB12.0 million

Revenue Gross Profit

Profitability and Sustained GrowtProfitability and Sustained Growthh

RMB million

4,925.6

7,450.5 7,383.8

4,160.4

FY08 FY09 FY10

Margins (%) 55.5 55.8 54.6

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Profit for the Period Profit Attributable to Equity Holders

FY08 FY09 FY10

Margins (%) 31.2 27.0 31.7

FY08 FY09 FY10

Margins (%) 22.4 20.1 26.4

2,010.91,496.3

Strong Credit StatisticsStrong Credit Statistics

Net Debt / Equity (Excl. MI) Net Debt / Total Equity (Incl. MI)

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Total Debt / Capitalization*Total Debt / Total Equity (Incl. MI)

* Capitalization is equal to the sum of total equity and total debt (including minority interests)

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Business and Operation OverviewBusiness and Operation Overview

GFA Delivered (sqm) Overall ASP (RMB per sqm)

GFA & ASP OverviewGFA & ASP Overview

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285,926

381,597

19,658

481,028

408,153

342,29313,039

12,59311,446

17,294

22,547325,509

FY2009FY2006 FY2008FY2007FY2005 FY2010 FY2007 FY2008 FY2009FY2005 FY2006 FY2010

GFA/ Property Sale Contribution Analysis of FY 2010 GFA/ Property Sale Contribution Analysis of FY 2010 By City, Project and ASPBy City, Project and ASP

Major Projects Delivered in FY 2010 GFA (sqm) ASP (RMB/sqm) Property Sales by Project (%)

Yanlord International Apartments (Nanjing) 14,959 22,721 4.5

Yanlord Riverside City (Phase 3) (Shanghai) 70,492 46,798 44.8

Yunjie Riverside Gardens (Phase 2) (Shanghai) 58,048 10,497 8.1

Yanlord Peninsula (Apartment) (Suzhou) 50,139 13,242 8.9

Yanlord Peninsula (Townhouse) (Suzhou) 16,248 24,915 5.4

Yanlord Riverside Plaza (Phase 1) (Tianjin) 99,739 18,315 24.4

Yanlord New City Gardens (Phase 2 - Section 1) (Zhuhai) 11,647 11,800 2.2

GFA Contribution by City Property Sale Contribution by City

Chengdu

0.2%

Suzhou

20.4%

Shanghai

40.0%

Nanjing

4.9%

Tianjin

24.4%

Suzhou

14.3%Nanjing

4.9%

Shanghai

53.8%

Zhuhai

3.7%

Zhuhai

2.3%

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Tianjin

30.6%

Others

0.2%

Other

0.3%

Yanlord New City Gardens (Phase 2 - Section 1) (Zhuhai) 11,647 11,800 2.2

Others 4,237 N/A 1.7

Revenue Booked, Contract Sales and Proceeds Collected (RMB million)

PPrere--sales Contracts and Receiptssales Contracts and ReceiptsResilient growthResilient growth

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Diversified Geographic Coverage Diversified Geographic Coverage Abundant lAbundant land bank in highand bank in high--growth cities growth cities

Tianjin

Suzhou

Bohai Rim in 2005

Tianjin

• Yanlord Riverside Plaza (259,893 sqm)

• Yanlord Riverside Gardens

(326,970 sqm)

Tangshan

• Nanhu Eco-City

Land (387,638 sqm)

Shanghai

• Yanlord Riverside City (19,910 sqm)

• Yunjie Riverside Gardens (42,206 sqm)

• San Jia Gang Land Plot (35,831 sqm)

• Yanlord Townhouse (65,753 sqm)

• Bayside Gardens (117,236 sqm)

• Yanlord Sunland Gardens (326,151 sqm)

• Qingpu Xujing Town Land (246,487 sqm)

• Yanlord Eastern Gardens (179,944 sqm)

Nanjing

• Bamboo Gardens (150 sqm)

• Yanlord Int’l Apartments Tower A (37,940 sqm)

• Yanlord Int’l Apartments Tower B (1,112 sqm)

Western China in 2003

Chengdu

• Yanlord Landmark (156,935 sqm)

• Hengye International Plaza

Yangtze River Delta in 1993

Tangshan

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Shanghai

Suzhou

Nanjing

Zhuhai

Chengdu

GFA Completed (mil sqm) 0.300

GFA under Development (mil sqm) 1.612

GFA for Future Development (mil sqm) 2.939

Total Land Bank (mil sqm) 4.851

• Yanlord Int’l Apartments Tower B (1,112 sqm)

• Yanlord Yangtze Riverbay Town (644,336 sqm)

• Yanlord G53 Apartment (98,471 sqm)

Suzhou

• Yanlord Peninsula (17,139 sqm)

• Yanlord Lakeview Bay (243,209 sqm)

• Wuzhong Area C1 Land (15,481 sqm)

• Hengye International Plaza

(39,999 sqm)

• Hengye Star Gardens (4,130 sqm)

• Jinjiang Penchenggang Land (390,658 sqm)

Pearl River Delta in 2005

Zhuhai

• Yanlord New City Gardens (212,760 sqm)

• Yanlord Marina Centre (216,582 sqm)

Shenzhen

• Longgang District Redevelopment Project

(390,000 sqm)

• Longgang District Economic Residential Housing

• (144,064 sqm)

• Longgang Town Centre Land

(149,685 sqm)

As of 31 December 2010:

Shenzhen

Hainan in 2010

Sanya

• Hai Tang Bay - Land Parcel 9 (77,509 sqm)

Sanya

Development Strategies Growth of business across high-growth cities

Development Strategies Growth of business across high-growth cities

Completed Projects(300,381 sqm(1))

Projects Under Development(1.61 million sqm)

Landbank: Future Development(2.94 million sqm)

� Increase the market share in cities where Yanlord already has established a superior brand name

� Expand into new cities within the 5 regions where Yanlord is currently in

� Existing land bank sustainable for development in each of these cities for approx. 5 years

� Future projects will be more diversified in terms of development type and geographical reach

ShanghaiTianjin

16.5%

Shanghai

9.5%

Tianjin

1.0%

Shanghai

21.2%

Tangshan

13.2%

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Nanjing

25.6%

Shanghai

23.7%

Suzhou

13.6%

Zhuhai

20.6%

16.5%

(1)The group has completed 3.58 million sqm out of which 300,381 sqm are GFA completed retained as investment properties, fixed assets, or yet to be

sold/delivered to customers.

Residential 1,367,635 sqm

Investment 244,400 sqm

Residential 45,516 sqm

Investment 248,280 sqm

Fixed Assets 6,585 sqm

Residential 2,789,918 sqm

Investment 149,150 sqm

Nanjing

13.5%

Suzhou

5.7%

Zhuhai

3.4%

Chengdu

66.9%

21.2%

Tianjin

10.8%Chengdu

13.3%

Nanjing

11.3%

Sanya

2.6%Zhuhai

3.0%

Suzhou

1.3%

Shenzhen

23.3%

13.2%

� We continue to launch the following new projects and new

batches of existing projects in 1Q 2011:

� Nanjing

� Yanlord Yangtze Riverbay Town (Phase 2)

Shanghai

New Launches of property for sale in 1Q 2011New Launches of property for sale in 1Q 2011

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� Shanghai

� Yanlord Townhouse

� Suzhou

� Yanlord Lakeview Bay – Land Parcel A7

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DisclaimerDisclaimer

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contents or otherwise arising in connection with this document.

The document contains statements that reflect the Company’s beliefs and expectations about the future. These forward-

looking statements are based on a number of assumptions about the Company’s operations and factors beyond the Company’s

control, and accordingly, actual results may differ materially from these forward-looking statements. The Company does not

undertake to revise forward-looking statements to reflect future events or circumstances.